After a tumultuous 2020 which nonetheless delivered strong returns in many asset classes, fixed income investors are expecting a more normalised trading environment in 2021.
In this global investor update on January 7, TwentyFour CEO and portfolio manager, Mark Holman, presented his outlook for the global bond markets in 2021 before taking questions from viewers.
Among other topics, Mark explained why he sees credit spreads in both investment grade and high yield markets making new lows against government bonds early in 2021, and why he likes sectors such as corporate hybrids, subordinated financials and European CLOs. He also discussed his bearish outlook for the major government bond curves and the prospect of global stimulus efforts feeding through to increased inflation in 2021, as well as giving his views on emerging markets and the growth of green bonds.
The session is available on-demand and can be viewed below.